EDITOR'S NOTE

Investors spent much of Friday morning deciphering what was in phase one of the U.S.-China trade deal — and then they collectively yawned.

President Donald Trump announced there won't be new tariffs placed on Chinese imports by Sunday's deadline for a trade deal. 

That's better than escalation. But the U.S. is not letting go of the 25% tariffs it has placed on about $250 billion in Chinese imports. It's also keeping another round of tariffs placed on $120 billion in products, but it plans to cut them in half — from 7.5% to 15% — 30 days after the agreement is signed. The administration aims to see the deal signed next month.

The Dow flashed red and green throughout the day.

CNBC's Patti Domm writes that the deal could help boost corporate profits, juice the global economy and bolster stocks.

Still, trade issues likely will hang over the market throughout next year. Many details remain unknown, a lot of issues are yet to be resolved, and then there's always the issue of Chinese compliance.

"These things will be judged as we troll along — a day at a time, a week at a time," White House economics advisor Larry Kudlow said on CNBC. "And then we'll see how this works."

TOP NEWS 

TOP VIDEO

CNBC PRO

SPECIAL REPORTS